Signet Jewelers to Acquire Rival Zale

Deal Expands Signet's Presence in North America Jewelry Market

By

Suzanne Kapner

Updated Feb. 20, 2014 12:45 a.m. ET

Middle-market jeweler Zale Corp. survived a disastrous move to cater to more upscale shoppers, pressure from an activist investor and a probe by the Securities and Exchange Commission only to end up in the arms of a suitor it had rejected more than seven years ago.

Signet Jewelers Ltd., which tried to buy Zale in 2006, said Wednesday it had agreed to acquire the company for $21 a share in cash. The deal values Zale at $1 billion or,...